Making Sense of Your Commercial Insurance Options
Why do I need comprehensive insurance? If so, how big does my policy need to be? How long will it take for a claim to be paid if there is a job site injury?
These are just a few of the questions that plague business owners particularly in the construction and commercial real estate industries. We bring more than 25 years of experience writing and advising our clients on their commercial insurance policies and ensuring full contractual compliance. The KLM team can provide the answers needed as they apply to your specific business.
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Answers To Your Top Questions
Insurance is meant to protect you should something go wrong on a job. However, a certificate of insurance does not protect you against everything, particularly uncovered insurance claims that could arise. With today’s construction demands and real estate demands, projects are becoming larger, more complicated, and involve more people, processes, and collaboration than ever before. This means there are more items for firms to manage and stay on top of during the building process to make sure they complete a successful project.
It’s common for insurance agents who are frequently producing certificates for their policyholders to fall into a routine that can be a risk to your company. In fact, there are three common problems that often arise in these situations:
Certificate fraud by agents and insureds, including agents who indicate coverages that don’t exist so an insured subcontractor can get a construction job or get paid for one.
Onerous contractual insurance requirements by large contractors, huge corporations, governmental/public entities, etc. that cannot be met by coverages typically available in the marketplace.
Failure to notify certificate holders of cancellation. Avoid these potential pitfalls by ensuring your insurance compliance upfront with an advisor experienced in looking for precisely these issues.
The short answer: Before a job starts, a seller/buyers contract is executed or any client/business providing paperwork is signed. Begin by having an experienced commercial insurance broker or advisor review your insurance requirements so they can be sure you are 100% compliant before any type of sale and or work arrangement is executed.
Our expert staff can review your company’s contractual insurance requirement and then provide the compliant commercial coverage and/or certain risk management compliance solutions tailored to your specific needs. We can walk you through the paperwork and even write the policy for you through our strategic partnerships with choice regional and global insurance brokerage firms.